The time is now! With so many mortgage products out there and the interest rates are still below 7% with good credit, it's hard to resist. Don't let the media scare you so you miss out on some great buys. The housing market is running very slowly these days and houses that are for sale are sitting alot longer than 2 years ago. You can negotiate a great buy in today's market. The fact is, people have to live somewhere and sometimes they have to move. Their jobs may make them move or a divorce, death and any number of reasons. Also, some people can't purchase a home, so they have to rent, which is good for Investors. So, no matter how you look at it, real estate is always a good investment. Now, let's look at mortgages.
If you're the conservative, safe no bet type, a 30 year fixed mortgage is great for you. There is nothing left to chance, you know your monthly payments every month and it doesn't change for 30 years. Whether it's for your primary or second homes or an investment property, you can get a 30 year fixed mortgage.
If you're the risk taker, a Hybrid mortgage might satisfy your needs. It's a combination of fixed and adjustable mortgages. It can stay fixed, depending what is offered i.e. 3 year, 5 year, 7 year, etc. for that term and then adjusts thereafter, to whatever the market rates are. The details should be discussed with your mortgage professional. However, this mortgage product could be a great tool for you. If you know you will only live there for a certain time or as an Investor own for a certain time, then it might be worth your while to use this type of mortgage for the lower interest rate it generally offers.
If you're more of a Daredevil, there are the interest only mortgages, option arms, arms, etc. There are so many mortgage products out there, too much to list here, it would be hard not to find one that suited your needs. Just ask your mortgage professional of all the mortgage products available.
So, the question is, when is it a good time to purchase a home or to refinance it?.........Now is a great time!
Bob Kalatschinow is a Broker Associate/Realtor with RE/Max Preferred in Marlton, NJ and is a Loan Officer with Lincoln Mortgage Company in Marlton, NJ. He can be reached by email at firstname.lastname@example.org or cell 856-745-5008.